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On December 30, 2016, the Italian Revenue Agency issued the finalized procedures and application form for the relaunch of Italy's voluntary disclosure program (VDP).
Publication of the procedures marked the effective date when the reopened VDP became effective. It will remain open until July 31, 2017. It is expected to yield a further EUR2.6bn (USD2.5bn) in additional tax revenue, after the original program, which closed on November 30, 2015, yielded EUR4bn.
Under the VDP, participants have to agree to pay all outstanding taxes, interest, and penalties when providing details of their undeclared assets or income. They then get the benefit of much-reduced administrative and criminal penalties.
Within the program's new provisions, it will be possible for declarations to be made not only of undeclared overseas assets, but also of previously unreported cash and bearer bond holdings in Italy. An individual who has already taken part in the 2015 program may not participate in the revised VDP to declare further holdings abroad, unless also declaring unreported assets in Italy.
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